Current Cattle Market Daily Headlines Thursday, June 18, 2020

Mackenzie Johnston

6 years ago

Beyond meat to sell value pack at Wal-Mart, Target with lowest-ever price point

Beyond Meat is looking to capture a bigger slice of the summer grill-out market with a new value pack being sold at Wal-Mart and Target across the U.S.
The “cookout classic” box will include 10 faux-meat patties with a suggested retail price of $15.99, which equates to approximately $1.60/patty.
This is the lowest price point Beyond Meat patties have ever hit, on top of that, the price is competitive with some meat burger patties.
The company has stated that it would like to price its products comparably to their meat equivalents by 2024.
Beyond Meat’s burgers are made from plant-based ingredients and contain no soy or gluten.
Beyond meat has a goal of making their products more accessible and plan to launch a new direct-to-consumer website later this summer.

Christopher Lischewski, former chief executive officer and president of Bumble Bee Foods LLC, has been sentenced to serve 40 months in jail and pay a $100,000 criminal fine for his leadership role in a three-year antitrust conspiracy to fix prices of canned tuna, according to the DOJ.
The court found that Lischewski was a leader of conspiracy and that his actions affected over $600 million dollars of canned tuna sales.
Assistant Attorney General, Makan Delrahim, of the DOJ’s Antitrust Division had the following statement regarding the conviction, “”Executives who cheat American consumers out of the benefits of competition will be brought to justice, particularly when their antitrust crimes affect the most basic necessity, food.